The President of the EU Commission has today announced its fifth package of EU sanctions against Russia which is intended to sustain utmost pressure on Putin and the Russian government.
This fifth package has six pillars:
- an import ban on coal from Russia
- a full transaction ban on four key Russian banks
- a ban on Russian vessels and Russian-operated vessels from accessing EU ports
- further targeted export bans. This includes, for example, quantum computers and advanced semiconductors, but also sensitive machinery and transportation equipment.
- specific new import bans on products from wood to cement, from seafood to liquor.
- a general EU ban on participation of Russian companies in public procurement in Member States, or an exclusion of all financial support, be it European or national, to Russian public bodies.
Finally, the EU measures propose to include further listings of individuals.
The Club continues to monitor for guidance which will be shared to Members as soon as it becomes available.